平狄克微观经济学第六版课后答案

implications of the government’s monopsony power: fewer soldiers are hired, and they

are paid less than their marginal product. When a mandatory draft is implemented,

even fewer professional soldiers are hired. Wages for volunteer soldiers fall, pushed

down by the fact that wages of the draftees can be very low.

8. The demand for labor by an industry is given by the curve L = 1200 - 10w, where L is the labor demanded per day and w is the wage rate. The supply curve is given by L = 20w. What is the equilibrium wage rate and quantity of labor hired? What is the economic rent earned by workers?

The equilibrium wage rate is determined where quantity of labor supplied is equal to

the quantity of labor demanded:

20w = 1,200 - 10w, or w = $40.